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Mergers & Acquisitions

  • June 3, 2019

    Baker Botts, Skadden Steer $4.3B Deal For El Paso Electric

    An infrastructure investment fund affiliated with J.P. Morgan on Monday inked a roughly $4.3 billion agreement to acquire El Paso Electric Co., which provides power to about 428,000 customers across West Texas and southern New Mexico, in a deal guided by Baker Botts and Skadden.

  • June 3, 2019

    3 Firms Steer Infineon's €9B Cypress Semiconductor Buy

    Germany’s Infineon, led by Kirkland and Freshfields, will buy Simpson Thacher client Cypress Semiconductor in a €9 billion ($10.1 billion) deal as it looks to boost its reach into the automotive, industrial and internet of things spaces, the companies said Monday.

  • May 31, 2019

    Ex-Apollo Exec Targets 'Fake' Competing Bid In $1.5B Suit

    A former executive for Apollo Global Management denounced the investment giant in a New York state court hearing Friday, telling the trial court judge that Apollo and Athene Holding Ltd. lied and cheated to kill his company's $1.5 billion deal.

  • May 31, 2019

    $200M Settlement Reached In Tribune Media Clawback Suit

    A litigation trustee urged a Delaware federal court on Friday to approve a $200 million settlement aimed at resolving part of a long-running fight over alleged fraudulent conveyance in the 2008 leveraged buyout of Tribune Media Co.

  • May 31, 2019

    FTC’s Phillips Warns Against Restrictive M&A Rules

    Federal Trade Commission member Noah Joshua Phillips warned Friday against “overly aggressive legislation and regulation” that would impair mergers and acquisitions, arguing in a New York City speech that corporate takeovers, buyouts and investor pressure can yield consumer benefits and should be “fostered,” not restricted.

  • May 31, 2019

    Chancery Keeps Alive Nuveen Seller's $278M Bonus Suit

    Delaware's Chancery Court kept a suit alive Friday seeking the court's interpretation of the sale contract behind TIAA's 2014 purchase of global investment giant Nuveen, allowing the seller to battle for more of an up to $278 million post-deal bonus.

  • May 31, 2019

    3 Trends Set To Fuel Oil And Gas Deal-Making

    Energy deal-making got off to a slow start this year, but the oil and gas sector is well-positioned for mergers and acquisitions as the industry repositions itself amid private equity interest and shareholder pressure. Here, Law360 details three trends that are poised to spur oil and gas M&A.

  • May 31, 2019

    Health Hires: Morgan Lewis, Manatt Phelps, Dovel Tech

    Morgan Lewis & Bockius LLP has welcomed back a seasoned corporate attorney in Princeton, Manatt Phelps has nabbed a regulation pro in Albany, and government contractor Dovel Technologies added a new chief legal officer, headlining Law360’s latest roundup of personnel moves in the health care and life sciences arena.

  • May 31, 2019

    Sprint-T-Mobile Promises Still Fall Short, CWA Says

    The Communications Workers of America told the Federal Communications Commission on Friday that recent commitments by T-Mobile and Sprint to get their proposed merger approved do not go far enough, and would still result in less competition in the broadband services market and would not lower prices.

  • May 31, 2019

    Taxation With Representation: Wachtell, King, Skadden

    In this week’s Taxation with Representation, Global Payments hauls in Total System for $21.5 billion, NXP buys Marvell’s wireless connectivity portfolio for $1.76 billion and Morningstar acquires DBRS for $669 million.

  • May 31, 2019

    Deals Rumor Mill: Ardian, TPG, Deutsche-UBS

    Ardian snapped up a $5 billion private equity portfolio from Norinchukin Bank, Capital Senior Living has brushed off numerous approaches from TPG, and Deutsche Bank and UBS previously considered a megamerger of their own.

  • May 31, 2019

    Monthly Merger Review Snapshot

    The U.S. Department of Justice is scrutinizing Centene and WellCare’s $17 billion proposed merger between the government-focused health insurers, a majority of the Federal Communications Commission signaled support for Sprint and T-Mobile to join forces, and Germany's ThyssenKrupp abandoned a planned joint venture under European competition scrutiny.

  • May 31, 2019

    In CVS-Aetna, A Novel Review For A Major Industry Shakeup

    When CVS and Aetna go to court Tuesday to defend their $69 billion tie-up, they’ll face a confrontational judge presiding over an unprecedented trial-like review of the merger settlement the companies brokered with the U.S. Department of Justice. Here, Law360 looks at how the judge is breaking the mold for merger reviews and what the outcome could mean.

  • May 31, 2019

    Toshiba Memory Unveils Plans To Receive $11B In Financing

    Toshiba Memory Holdings Corp. announced Friday it has received new financing totaling 1.2 trillion yen ($11.05 billion) through a combination of bank loans and the issuance of new stock to help pay for the roughly $18 billion deal that saw the company taken private in 2017.

  • May 31, 2019

    Don’t Miss It: Gibson Dunn, Paul Hastings Lead Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Gibson Dunn and Paul Hastings. Here, Law360 recaps the ones you might have missed.

  • May 31, 2019

    Aussie Energy Co. AGL Nixes Vocus Bid, EQT Offer Remains

    Australian energy company AGL Energy on Friday said it is no longer looking to buy telecommunications firm Vocus, withdrawing its bid and leaving an AU$3.3 billion ($2.3 billion) proposal by EQT Infrastructure as the only offer on the table.

  • May 31, 2019

    4 Firms Steer Rank's £115M Online Gambling Biz Buy

    Online gambling operator Stride said Friday it has agreed to be acquired by the Rank Group in a £115.3 million ($145.3 million) deal steered by four firms that will expand the U.K.-based gambling company's online offerings.

  • May 31, 2019

    Partner Boosts GrayRobinson's Corporate Transactions Work

    GrayRobinson PA has strengthened its corporate transactional capabilities by bringing in a new shareholder in Fort Lauderdale, Florida, who has experience at a venture capital fund, in government economic development and with several national law firms.

  • May 31, 2019

    Allianz Snaps Up L&G General Insurance Unit For £242M

    German insurer Allianz has struck a deal to buy the general insurance businesses of British financial services giant Legal & General for £242 million ($304 million), the companies announced Friday.

  • May 30, 2019

    DOJ Requires Divestitures In $6.8B Amcor-Bemis Tie-Up

    Amcor Ltd. will be required to divest three manufacturing facilities related to medical packing products and other assets in order to move forward with its $6.8 billion acquisition of Bemis Co., according to a proposed deal with the U.S. Department of Justice filed in D.C. federal court on Thursday.

  • May 30, 2019

    Unused Cash Concern Delays Orchids Paper's Ch. 11 Loan

    Bankrupt Orchids Paper Products Co. postponed final action on an $11 million debtor-in-possession loan Thursday, after a Delaware bankruptcy judge challenged terms that could leave $7 million unused while $14.5 million in postpetition vendor and trade claims pile up awaiting an uncertain outcome.

  • May 30, 2019

    Bed Bath & Beyond Adds New Directors To Halt Proxy Fight

    Bed Bath & Beyond avoided a looming proxy fight over its board with a trio of activists by agreeing to appoint four new independent directors, a move that comes after the conflict erupted in litigation earlier this month.

  • May 30, 2019

    Tech Risks Rival 'Planes And Tanks,' Huawei Prosecutor Says

    U.S. Attorney Richard Donoghue, whose office is prosecuting Huawei for alleged sanctions violations, said Thursday that the Trump administration has a high awareness of the long-term national security risks posed by business transactions, and that in the technology sector the threat can rival "planes and tanks."

  • May 30, 2019

    Chancery Says Emails From Before Radixx Deal Off Limits

    The Delaware Chancery Court ruled Wednesday that Holdco cannot use privileged emails from airline reservation tech firm Radixx in a dispute over their $120 million merger because the agreement clearly carves out privileged premerger communications from the assets purchased.

  • May 30, 2019

    Deals Rumor Mill: Hansoh, CBS-Viacom, Gannett

    Hansoh Pharmaceutical wants to raise as much as $1 billion in a Hong Kong initial public offering, CBS’ board is getting ready to discuss a merger with Viacom, and Gannett has discussed a deal to merge with GateHouse Media.

Expert Analysis

  • What We Heard At The FTC Hearings: Day 17

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    The latest hearing in the Federal Trade Commission’s series on competition in the 21st century addressed broadband markets. Marc Martin and Michael Sherling of Perkins Coie LLP discuss recurring themes, innovative concepts and other observations from the panels.

  • Open-Source Software Raises Unique Antitrust Questions

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    The U.S. Department of Justice's review of the IBM-Red Hat deal is a reminder of potential anti-competitive concerns for participants in open-source software platforms, in mergers and acquisitions and beyond, say attorneys with Baker Botts LLP.

  • Setting The Record Straight On Women In Court Reporting

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    Today, 89 percent of court reporters are women, but I remember sitting behind my steno machine in the '80s and being asked by a judge if I, as a woman, would have the emotional fortitude to work a murder case, says Karen Santucci, chairwoman of the Plaza College court reporting program.

  • Opinion

    Limiting Supreme Court's Size Is Not Enough

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    The proposal by Sen. Marco Rubio, R-Fla., for a constitutionally mandated nine-justice U.S. Supreme Court does not address any of the well-known problems with the current system — problems that could be solved through a nonpartisan package of reforms, says Gordon Renneisen of Cornerstone Law Group.

  • Are Delaware Courts Last To Believe In Efficient Markets?

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    On March 27, the Delaware Supreme Court will hear oral argument in a case that will determine whether the state adopts the efficient market hypothesis for valuation of Delaware incorporated companies. Doing so would thwart corporate boards’ ability to defend themselves from attack by activists or hostile acquirers, say Alec Litowitz and Dave Wilansky of Magnetar Capital LLC.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • Tech Trends From SXSW Pose Unique Questions For Lawyers

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    These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.

  • Is 'Manifest Disregard' Defense Only Mostly Dead In Texas?

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    While Texas state courts have barred use of the "manifest disregard of the law" defense in international arbitration matters, recent cases in the Fifth Circuit describe the doctrine alternatively as “alive but not well,” “dead,” or “triumphantly ‘back from the dead,” say James Rogers and Clarissa Medrano of Akerman LLP.

  • An Employment Lawyer's Guide To M&A Due Diligence

    Excerpt from Lexis Practice Advisor
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    In the context of corporate mergers and acquisitions, there are several employment-related elements to consider. Attorneys with Proskauer Rose LLP share guidance on discovering, managing and preventing potential liabilities resulting from a target company’s labor and employment practices.

  • In Bar Admissions Process, It's Candor Or Bust

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    You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.

  • 4 Key Issues In Rent-A-Center Case And A $127M Question

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    The Delaware Chancery Court's decision last week in Vintage v. Rent-A-Center is a stark reminder that courts will enforce the terms of a merger agreement as written. The issue to watch is whether Rent-A-Center will be entitled to the reverse termination fee, say attorneys at Cleary Gottlieb Steen & Hamilton LLP.

  • How China's Version Of CFIUS Will Expand Security Reviews

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    China's foreign investment security review regime shares many characteristics with the Committee on Foreign Investment in the United States. And as tensions rise between the two countries, China, like the U.S., is set to scrutinize more deals, says Guogang Li of the Tahota Law Firm.

  • Series

    Judging A Book: Bashant Reviews 'Doing Justice'

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    My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.

  • Firms Can Leverage Communications When Economy Is Slow

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    Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.

  • A Deep Dive Into The CDS And Syndicated Financing Markets

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    The interrelationship between the credit default swap and syndicated term loan markets has become increasingly important and complex over the past five years. Four case studies help illustrate the interplay, say attorneys at Davis Polk & Wardwell LLP.

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